Visa Announces Plan to Cut 2,600 Jobs

Visa has decided to reduce its workforce by approximately 7%, amounting to 2,600 employees. This move is a response to the rise of artificial intelligence and stablecoins, as traditional payment network companies are changing their business models. Ryan McInerney, CEO of Visa, emphasized in a memo to employees that the way they work must continue to evolve to lead the industry transition. The layoffs are expected to focus on the technology and product sectors. Visa and Mastercard have been major players that dominate the global card payment infrastructure, and as stablecoins gain attention as an alternative for payment settlements, the existing structure is at risk of disruption. CEO McInerney described this change as a once-in-a-lifetime inflection point that alters the way money moves. Artificial intelligence is innovating payment service design and internal operations, with real-time transaction data analysis and personalized service delivery becoming key competitive advantages. Mastercard also announced earlier this year that it would reduce its workforce by 4%, and Visa is planning to implement a payment settlement program utilizing stablecoins. This indicates that traditional payment companies are embracing digital assets as new business opportunities.

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